Payroll processing involves the distribution of wages with respect to employees within a business organization by accounting for various types of withholdings such as, for example, taxes, insurance payments, credits, reimbursements, bonuses, etc. A payroll processing system can be configured to maintain payroll information such as employee compensation, pay periods, deductions and tax status in order to deliver an appropriate payment via a printed paycheck and/or a deposit advice notice with respect to a particular employee.
Payroll departments can distribute paychecks to employees electronically, manually and/or via the postal service. One prior art payroll approach, for example, involves the use of an in-house payroll mode for processing and delivering paychecks. Such an approach requires dedicated payroll personnel for handing out the paychecks in the business environment. Another prior art technique involves the use of a third-party service for mailing the paychecks to the employee. Such prior art approaches, however, are a costly and time-consuming, and place an added burden on the employees who work on-field or change addresses frequently such as, for example, military service personnel, or recipients working in a foreign country. Furthermore, a direct deposit approach is not possible in the case of low-income employment and/or a temporary employment scenario, where mailing the paychecks and setting up a direct deposit account may not be desired and feasible.
Based on the foregoing, it is believed that a need exists for an improved virtual electronic paymaster system and method for efficiently processing a paycheck, as described in greater detail herein.